Purple Innovation down on downbeat Q4 margins

Purple Innovation

12/03/2024 21:47

** Purple Innovation's  PRPL.O  shares down ~6% at $1.92
after the bell 
    ** PRPL reports squeezed margins in Q4 from promotions of
its premium mattresses and home furnishing goods 
    ** Posts Q4 gross margins decreased to 33.2% vs 34.6% in the
year-ago period
    ** Company experienced increased labor and freight costs
associated with its new product launch
    ** PRPL announces its settlement agreement with Tempur Sealy
International  TPX.N  subject to FTC approval by the end of Q2
    ** Post acquisition announcement, TPX executed supply
agreements with six other mattress makers, including PRPL, to
continue as a multi-branded retailer
    ** Expects transaction to wind up mid to late 2024
    ** Also posts Q4 revenue at $145.9 mln, compared with LSEG
est of $145.6 mln
    ** PRPL up 78.5% in 2023

 (Reporting by Annett Mary Manoj in Bengaluru)
 ((AnnettMary.Manoj@thomsonreuters.com))